The Comptroller may rescind and the Secretary may revoke a registration
What the document says“The Comptroller may, in consultation with the Secretary of the Treasury, rescind approval of a registration of a foreign payment stablecoin issuer under this subsection if the Comptroller determines that the foreign payment stablecoin issuer is not in compliance with the requirements of this Act, including for maintaining insufficient reserves or posing an illicit finance risk or financial stability risk.”
Subsection (c)(3). Before a rescission takes effect the Comptroller must publish a justification in the Federal Register. Separately, the Secretary of the Treasury, in consultation with the Comptroller, may revoke a registration where reasonable grounds exist for concluding that the issuer presents economic sanctions evasion, money laundering or other illicit finance risks, or violations, or facilitation of them.
What the document actually says“The Comptroller may, in consultation with the Secretary of the Treasury, rescind approval of a registration of a foreign payment stablecoin issuer under this subsection if the Comptroller determines that the foreign payment stablecoin issuer is not in compliance with the requirements of this Act, including for maintaining insufficient reserves or posing an illicit finance risk or financial stability risk.”
The federal office may pull a maker's sign up. It does so if the maker breaks this law. Too little backing is one reason. Crime risk is another.
The Treasury can also pull it. That is for risks around sanctions and dirty money. The office must print why before a pull takes hold.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.